He Paid N5.5m For 2 Plots, 6 Months Later, The Estate Was Gone

By Bidon Mibzar, Abuja, and Kingsley Okoh, Lagos

Chinedu Mark paid N5.5 million for two plots in Ibeju-Lekki, Lagos. He was shown a fenced estate, a gatehouse painted cream and a receipt stamped “PAID.”

Six months later, he returned with a construction supervisor. The fence was gone. The gatehouse was gone. The land now belongs to another family, another subscriber. One land, multiple owners.

Mark is not alone. Across Lagos, Ogun and the outskirts of Abuja, a well-oiled network of agents, forgers, touts and fake developers is selling land that does not exist, or land that has been sold five times over. LEADERSHIP’s investigation reveals how the scam chain works.

The federal government has acknowledged the gaps. At a stakeholder workshop, the minister of Housing and Urban Development, Dr Muttaqha Rabe Darma, said the housing sector, though a major economic driver, still faces regulatory weaknesses, fraudulent transactions and inadequate consumer protection.

The ministry is proposing licensing for developers and estate agents and escrow protection for buyers’ funds, but the proposals have yet to be approved or implemented.

How the chain works

It starts online, with a page with a fine name and a pitch such as “Phase 4, Epe – Buy 3 Get 1 Free. C of O in View.” The listing says the estate is not far from the airport. Professional drone shots, often lifted from genuine estates in Lekki, make it look real. The price is suspiciously cheap, between N800,000 and N1.5 million per plot.

A phone number is attached. The agent, usually young and well-dressed, speaks with urgency: “Oga, promo ends Saturday. If you don’t pay today, price goes to N2.5m.”

Victims are invited for a “free inspection.”

A bus picks up 20 prospective buyers from Ajah. The bus is part of the theatre.

On the land, the actors are in place. A caterpillar is hired for N80,000 a day to clear bush and create the illusion of work. Wooden signboards claiming the land belongs to a “luxury homes” company are planted.

Back in the city, the office completes the illusion. In one building in Igando, LEADERSHIP found five different estate companies sharing one small office, with the same receptionist and different letterheads. One printer produced hundreds of fake documents.

The Economic and Financial Crimes Commission (EFCC), responding to reports about the scheme, advised affected investors to submit formal petitions to enable an investigation. The commission’s head of Media and Publicity, Dele Oyewale, said it was monitoring fraudulent investment operators and urged Nigerians to take regulatory warnings seriously.

Regulators and practitioners sound the alarm

The Economic and Financial Crimes Commission (EFCC), responding to reports about the scheme, advised affected investors to submit formal petitions to enable an investigation.

The commission’s head of Media and Publicity, Dele Oyewale, said it was monitoring fraudulent investment operators and urged Nigerians to take regulatory warnings seriously.

Regulators and practitioners sound the alarm

Stakeholders, realtors and regulators have raised concerns over rising fraud in the sector, warning that fake investment schemes, disputed titles and unfulfilled housing agreements are exposing Nigerians to heavy losses. The concerns have intensified amid reports of fraudulent online investment platforms, multiple sales of the same plots, forged property documents and developers’ failure to allocate land or deliver homes after collecting payment.

In Lagos, the state government has listed real estate grievances, including title fraud and delays in property delivery, among the leading consumer complaints.

Speaking at a seminar organised by the Association of Estate Agents in Nigeria (AEAN), Lagos chapter, in collaboration with the National Association of Realtors, the special adviser to the governor on Housing, Barakat Odunuga-Bakare, warned that untrained and unlicensed operators were undermining the profession. She said the number of unregistered property operators in Lagos far exceeded the more than 1,000 practitioners registered with the Lagos State Real Estate Regulatory Authority (LASRERA).

She blamed many fraudulent transactions on unregistered operators and called for better regulation, verification and consumer awareness.

The AEAN Lagos chairman, Adeolu Ogunbanjo, previously linked a high-profile property fraud controversy to transactions involving an unlicensed and unregistered practitioner. He maintained that the association should not be held responsible for a fraudulent transaction merely because the person involved claimed an association with the profession.

A representative of the National Association of Realtors, Dr Adeniyi Tinubu, stressed the importance of professionalism and trust. Speaking at the seminar, he said: “Real estate is more than a transaction; it is a career built on trust, professionalism, and a vital contributor to national development.”

The lead partner at Hill City Solicitors, Ayorinde Akinboyo, said Nigeria’s estate agency and consultancy practice had historically operated under a fragmented regulatory framework, which left room for unqualified operators. He argued that the absence of a unified national statute governing estate agency had contributed to their spread, and urged estate consultants to conduct thorough due diligence, verify titles, confirm approvals and advise clients on legal risks.

Online schemes

The Securities and Exchange Commission (SEC) has warned Nigerians against unauthorised property-related investment schemes. In a public notice, it said Property World Africa Network (PWAN) and PWAN Max were not registered to solicit investments from the public or operate in Nigeria’s capital market. The SEC said its investigations had identified features associated with Ponzi schemes, including promises of unusually high returns and failure to honour withdrawal requests.

The Federal Competition and Consumer Protection Commission (FCCPC) subsequently sealed the Lagos office of PWAN Max Property and Business Solutions Limited in June 2026 over alleged non-compliance with a regulatory directive linked to complaints about unallocated land. The commission reportedly began investigating in February 2026 after a consumer alleged that 20 fully paid-for plots had not been allocated. The FCCPC said the action followed the company’s alleged failure to comply with a compliance notice. The allegations do not in themselves establish criminal guilt.

The collapse of an online platform called EMAAR in October 2025 showed the dangers of digital property schemes.

Reports indicated that more than 4,000 investors took part in the platform, which allegedly promised returns through purported real estate investments before withdrawals became impossible.

One victim, a Lagos-based computer engineer who asked not to be named, said he lost N1.828 million after transferring money to accounts linked to the scheme. A trusted friend introduced him to the platform, which seemed credible because its representatives were reportedly available through online meetings. He said it collapsed suddenly, leaving thousands unable to recover their funds.

Another victim, Precious Onayinka, said she invested N128,000 and received nothing. She alleged that participants were asked to pay an extra N10,000 to access their money before the platform shut down.

The pattern is repeated in Abuja, where several cases are before the courts and enforcement agencies.

In April 2026, the EFCC arrested an Abuja-based property agent over an alleged N288 million estate fraud. The commission alleged that he collected the money to facilitate a purchase in Asokoro but failed to provide valid documents and later became evasive.

In August, the EFCC arraigned three men and two companies over an alleged N23 million transaction involving a 2.2-hectare plot in Gosa, off Airport Road.

According to the charge, the defendants claimed the authority to sell the land on the strength of a power of attorney, and knew that claim to be false.

In a separate trial over more than N500 million, a prosecution witness told the court that portions of disputed plots in Guzape and Katampe were sold by people who had not shown they had the right to do so.

The witness said the offer letters, receipts and other documents issued to buyers could not be matched with genuine title records held by the land authorities.

The defendants have denied the allegations and remain entitled to the presumption of innocence.

In April, the FCCPC sealed Paradise Estate in Life Camp Extension, Abuja, over alleged consumer-rights violations and failure to deliver housing units despite receiving payments. In Lagos, authorities reportedly sealed a fake real estate office in Ikorodu in March during a crackdown on suspected impersonators and unlicensed operators.

Several hands, one deception

A real estate developer and frontline member of the Real Estate Developers Association of Nigeria (REDAN), who spoke on condition of anonymity because he was not authorised to speak for the association, said property scams often involve several intermediaries, including people posing as agents, landowners or representatives of developers. A buyer may meet an agent advertising land, then someone claiming to represent a family or developer, inspect the plot and receive documents presented as proof of ownership.

He said a registered business name, rented office, branded brochure or official-looking receipt does not prove that the seller owns the property or can sell it. Forged or misleading deeds of assignment, powers of attorney, allocation letters and Certificates of Occupancy can also create a false impression of legitimacy. Even inspecting a real plot does not remove the risk, he said, and buyers must independently verify the documents, the underlying interest in the land and the seller’s authority.

Conventional transactions carry other risks as well, including forged survey plans, questionable allocation letters, concealed ownership disputes and the sale of one property to several buyers. Buyers of off-plan housing may also lose out when developers miss completion dates, change specifications or ignore refund obligations.

Insider allegations

An estate surveyor, Principal Consultant at Osadolor A. & Associates Estate Surveyors & Valuers, Aisien Emmanuel, alleged that some fraudulent transactions involving undeveloped land and completed properties were facilitated by insiders within land administration and regulatory institutions.

The allegation has not been established in individual cases.

If proven, such misconduct would point to a deeper institutional problem. Land transactions depend on government records and procedures to establish ownership, authenticate documents and confirm transfers, and weak verification, inaccessible records or official misconduct can undermine those safeguards.

Emmanuel called for investigation and disciplinary action against public officers found to have facilitated fraud, and for prosecution where criminal wrongdoing is established.

He also urged the Nigerian Institution of Estate Surveyors and Valuers (NIESV) to intensify public education and advocacy for statutory regulation of estate agency and brokerage.

He said NIESV and the Estate Surveyors and Valuers Registration Board of Nigeria (ESVARBON) already maintained codes of ethics and disciplinary mechanisms for registered practitioners, and that serious breaches may be referred to law enforcement. However, he argued that estate agency needs stronger regulation to stop unqualified operators from competing with trained professionals who carry professional obligations.

He rejected the claim that untrained agents charge less, saying buyers may pay similar amounts and face greater risk.

He urged Nigerians to engage registered professionals and verify property documents before making any payment, and called for effective implementation of the proposed reforms to protect citizens’ investments.

He warned that property-related sharp practices had caused losses beyond money, with some victims allegedly losing their lives.

Government response

Responding to enquiries, the Federal Ministry of Housing and Urban Development’s director of Press and Public Relations, Badamasi Haiba, referred LEADERSHIP to a July 28, 2026 ministry statement.

It announced a stakeholder workshop to validate the proposed National Housing and Built Environment Regulation Policy and the National Housing Data Programme.

At the workshop, the minister, Dr Muttaqha Rabe Darma, acknowledged that the housing sector, though a major economic driver, still faces regulatory weaknesses, fraudulent transactions and inadequate consumer protection.

The proposed policy would license property developers and estate agents, strengthen professional standards, improve construction quality and land administration, protect buyers’ funds through escrow arrangements, and create a National Housing Industry Regulatory Commission. Under escrow, an independent party holds the buyer’s money and releases it when agreed conditions are met, rather than paying the seller or intermediary directly.

Darma cited Dubai, where compulsory escrow accounts and licensing of developers and agents have strengthened investor confidence.

According to the ministry, Dubai recorded more than 270,000 property transactions worth about $250 billion in 2025.

The proposals still require approval and implementation, and their announcement does not mean the gaps have been closed. Their effect in Nigeria will depend on clear rules, credible enforcement, accessible complaint channels and coordination among agencies. Licensing alone cannot end fraud, as a licensed agent may still misrepresent a property and a legitimate professional may unknowingly encounter disputed land.

What buyers should do

Emmanuel listed five priorities: discourage patronage of untrained operators; discipline culpable public officers; intensify NIESV advocacy for statutory regulation of estate brokerage; prosecute those found guilty; and encourage investors to verify the qualifications and professional standing of practitioners they engage.

For buyers, he and other experts advised the following:

Verify the title with the relevant land authority, confirming the registered owner, the seller’s authority to transfer and any competing claims, government acquisition, litigation or other restrictions.

Insist on inspecting original documents, and independently confirm the identity and authority of any seller or agent who claims to represent a landowner, family or developer.

Have a lawyer experienced in property transactions examine the documents, and use a qualified surveyor to verify location, boundaries and survey details.

Inspect the property, make sure its location matches the documents, pay by traceable means and keep all receipts, agreements and correspondence.

Be cautious of unusually low prices, pressure for immediate payment, refusal to allow independent searches, vague ownership claims and requests to pay into unrelated accounts.

Before investing in any property scheme, check whether it needs SEC authorisation and whether the operator is registered. Company incorporation alone is not regulatory approval for investment activities.

Neither a Certificate of Occupancy, a polished office nor an impressive online advertisement guarantees a valid transaction, Emmanuel said.

The way forward

For legitimate realtors, such cases deepen public suspicion of the whole industry and make it harder for qualified practitioners to win buyers’ trust.

Tackling the problem will require coordinated action by federal and state governments, professional bodies, consumer-protection agencies and law enforcement.

Land registries must become more accessible and reliable, title verification more transparent, and complaints against suspected fraudsters or compromised officials investigated promptly. Legitimate developers and professionals also have a stake in reforms that restore confidence.

The federal government’s proposals offer a framework, but their success will depend on approval, funding, implementation and consistent enforcement.

For Chinedu Mark and the many buyers like him, the question remained whether ownership was independently verified before any money was paid.